bulwiengesa and Deutsche Pfandbriefbank (pbb) will jointly publish the Financing Barometer from 2027 onwards. This quarterly expert survey examines sentiment and business trends in the institutional property finance market. It builds on the survey conducted by bulwiengesa since 2015, which the company has continued to carry out on an ongoing basis ever since. As part of the new partnership, the survey is to be further developed and, in the long term, expanded.
The latest results for the third quarter of 2026 highlight just how important it is to regularly assess the market: the barometer figure calculated by bulwiengesa has fallen from −6.70 (Q2/2026) to −13.61 points, reaching its lowest level in two years. Key factors behind this include the fact that more than half of those surveyed report more restrictive financing conditions. At the same time, financial institutions’ liquidity costs are rising.
“We have continued the survey in 2026 so that we can monitor developments in the financing market without interruption. With Deutsche Pfandbriefbank, we are gaining a partner with whom we intend to further develop the Financing Barometer in the long term and expand its European perspective. The ongoing survey enables us to identify changes at an early stage and contextualise them in relation to developments in the property markets,” says Felix Embacher, Managing Director of bulwiengesa.
Financing conditions tightened in the third quarter
58.3 per cent of the experts surveyed described lending conditions in the third quarter as restrictive. In the second quarter, this figure stood at 45.8 per cent. The remaining 41.7 per cent (Q2/2026: 50 per cent) perceive conditions to be unchanged. None of the respondents reported any easing of conditions.
The trend in new business also remains subdued: 41.7 per cent report that business has stagnated. The proportion of respondents reporting that new business continues to decline has risen from 8.3 to 22.2 per cent.
At the same time, average all-in margins, including liquidity costs, are rising. For portfolio financing, they have risen from 188.6 to 204.8 basis points, and for project development financing from 285.4 to 295.0 basis points.
“Developments in the markets show that the conditions for property financing may continue to change in the short term. Careful market monitoring helps to put these developments into perspective. Through this partnership, we aim to help regularly highlight the perspectives of financing institutions and to strengthen the exchange of views on developments in European property financing,” says Barkha Mehmedagic, Member of the Board of Deutsche Pfandbriefbank.
Established survey with a new partnership
bulwiengesa is responsible for conducting and analysing the survey. Key areas of focus include financing terms, the development of new business, lending volumes, margins and the significance of alternative financing instruments. The survey targets experts from banks and other institutions active in commercial property finance.
The planned European expansion is intended to provide further insights into the development of the financing markets. The specific details will be agreed between bulwiengesa and Deutsche Pfandbriefbank as part of their collaboration.
A detailed analysis of the results for the third quarter of 2026 is available at https://www.bulwienges...rfen-sich/.
